Interest rate from
9.99% p.a.
Comparison rate from
11.16% p.a.based on $30,000
over 5 years
Upfront fee
$250

Mozo editorial review Westpac Personal Loan

Last updated: 23 March 2021.

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What's hot
  • Have funds within 60 mins of approval
  • Free extra repayments
  • Weekly, fortnightly, monthly repayments
What's not
  • $250 application fee
Mozo snapshot

If you are after an unsecured personal loan where you can see your money fast once approved, the Westpac Personal Loan is worth considering. This loan comes with a range of choices from repayment schedules, borrowing amounts and loan terms. Plus, customers can make free extra repayments whenever they want. You’ll also be pleased to know that you will receive your funds in up to 60 minutes after approval.

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Key features

With the Westpac Personal Loan there are plenty of options. 

Customers can borrow anywhere from $4,000 to $50,000 and receive an 9.99% fixed rate (11.16% comparison rate*). Plus they can opt to take out a loan from 1 to 7 years. 

And when it comes to paying off the loan, there’s even more choice! Customers can make weekly, fortnightly or monthly repayments and make free extra repayments if they want to. However, there is no redraw facility attached to this loan.

There are a few fees to be mindful too, they include: $250 application fee, $12 monthly service fee, $15 late payment fee and a $175 early repayment penalty.

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Who is it good for

The Westpac Personal Loan could be a great option for someone that wants the flexibility to make extra repayments towards the loan but the certainty of a fixed interest rate.

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Any catches

To be eligible for this loan, you must have a regular permanent income of at least $35,000. 


Also bear in mind that this loan is unsecured so you don’t need to put up assets as collateral. However, if you are looking at this loan to buy a car, the Westpac Car Loan may be a better choice.

Details

Rates and fees information correct as at 16 May 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 9.99% p.a. fixed

  • 11.16% p.a.based on $30,000
    over 5 years

Fees
  • $250.00

  • $12.00

  • $15.00

  • $0.00

  • $175

Other financial bits
  • $4,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • Eligibility conditions include a regular permanent income of at least $35,000 p.a. Discounted 9.99% rate available for a limited time.

  • none

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Customer Reviews

How are Westpac personal loans rated by the Mozo community?

Overall
6.9/10
Price
6.2/10
Features
6.0/10
Customer service
7.2/10
Convenience
7.7/10
Trust
7.0/10

Latest reviews of Westpac Personal Loan

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About Westpac

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

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